Integra Mining ("Integra") is Australia’s newest gold producer pouring first gold from its flagship Randalls Gold Project in September 2010.
The Company boasts a proven discovery track record, a 2.5 million ounce gold resource base and an aggressive growth strategy targeting annual gold production of 140,000 ounces per annum by 2012.
Since listing on the Australian Securities Exchange in 2001, Integra has steadily built up its mineral portfolio through a series of acquisitions, joint ventures and strategic alliances, and now controls a consolidated tenement package of approximately 1,500km2 in the heart of the Eastern Goldfields of Western Australia.
The Company’s flagship Randalls Gold Project, located 60km east of Kalgoorlie, commenced production in September 2010 and is now focused on ramping up to a targeted 90,000 ounce per annum production rate for Phase 1 operations at the site.
The Randalls Project has a consolidated gold resource of 30 million tonnes grading 2.6 grams per tonne (g/t) gold for 2.5 million contained ounces, with Integra forecasting an average Phase 1 cash production cost of $574 per ounce, giving a profit margin of around $800 per ounce at current prices.
The open pit production grade at Randalls is expected to be around 3.6 grams of gold per tonne, believed to be the highest open pit production grade of any similar scale development in Australia.
By June 2012, the Company intends to attain an annual gold production rate of 100,000 ounces per year through the addition of early underground production from the high-grade Santa and Cock-Eyed Bob deposits, ramping up to 140,000 ounces per year by the end of calendar 2012 through a process plant upgrade as part of a planned Phase 2 operation.
The Randalls Project includes the rich Salt Creek greenfields discovery, first uncovered by Integra in 2007, where drilling results have included 56.45m at 5.63g/t Au, 59.94m at 4.48g/t Au, 40.5m at 6.48g/t Au and 74.2m at 3.15g/t Au.
Integra has a strong track record of discovery success within its tenements, including Salt Creek and the more recent Majestic discovery, located 22km to the north.
Integra will maintain an active exploration program in the region to further increase its resource and reserve base to drive production growth and extend the life of its mining operations.
Clear strategy to become a substantial mid-tier producer
Integra has a clear strategy to become a substantial mid-tier producer from existing deposits in the Company’s 2.5 million ounce Mineral Resources base:
1. Near-term objective: Extend the mine life at Randalls and define sufficient Ore Reserves to justify a process plant upgrade capable of taking gold production to 140,000 ounces per year by the end of 2012.
2. Medium-term objective: Explore the nearby Aldiss Project with the aim of defining sufficient resources to establish a second mining operation, targeting combined production of 250,000 ounces per year between Randalls and Aldiss.